Personal loans can be a great way to borrow. If you are looking to refinance expensive credit card debt, you can often find a much lower interest rate. If you are looking to borrow cash, there is no better way. We have searched the market, and have found these providers. Our list will continue to expand.
6 things to know
Beware the sale of expensive add-on insurance, and the use of a “pre-computed interest” contracts.
These are basically tricks banks use to squeeze more money out of you. We break them down HERE.
Make sure there is no pre-payment penalty.
If you pay off the entirety of the loan early to save money, don’t let the bank charge you.
Origination fees are usually financed, so always apply for the amount you want to borrow + the fee.
So if the fee is 3% and you want to borrow $100, then apply for $103.
Make sure you compare APR, not just interest rate.
APR includes the cost of the origination fee, which can be a big part of the loan.
Come prepared with documents to prove your income.
This typically includes paystubs, 1040s, and tax returns.
Start the process at LendingClub and Prosper.
These companies provide a good indication of interest rates with a “soft pull,” or no inquiry left on your credit bureau.
Other Bank Loans
Banks don't like loans, because they make less money than credit cards. But, some banks do offer loans. And, when they do, they make it a bit difficult to get them. Here are the phone numbers:
|Citibank||1 (800) 374-9200|
|Wells Fargo||1 (888) 667-5250|
|PNC Bank||1 (888) 762-2265|